The Crown Entities Act 2004 sets out the collective and individual duties of the FMA board and its members. These duties are owed to the Minister of Commerce.
The Board has approved a number of policies to set high standards of ethical behaviour throughout the organisation. These include policies for the purpose of managing staff conflicts of interest; policies for holding and dealing with information securely, including how to protect information from inadvertent disclosure or unauthorised access or use; policies and guidelines relating to procurement and purchasing, and policies for managing sensitive expenditure and the receipt of gifts. The FMA has an obligation to disclose the Chief Executive’s expenses.
All members of staff are required to comply with the State Sector Code of Conduct. The Code sets out the minimum standards of integrity and conduct expected of public sector employees – they must be fair, impartial, responsible and trustworthy. The FMA has adopted its own Code of Conduct which adopts and supplements the State Sector Code.
The FMA Board comprises between 5 and 9 members. The Governor-General, on the advice of the Minister, appoints all members of the Board and determines, on the recommendation of the Minister, who will be Chairperson and Deputy Chairperson. Members hold office for up to 5 years and may be reappointed.
Chairman, LLB Hons
Mark has over 20 years’ experience in financial markets regulation, and has held governance roles with both listed and unlisted companies. He co-founded Anti-Money Laundering Solutions and chaired Mint Asset Management. He was also the Customer Advocate at Westpac New Zealand.
Current term expires May 2024.
Ainsley has over 25 years of broad financial services experience including investment management, fixed interest and financial markets. Her experience includes various senior roles at ASB Group Limited in both investment management and financial markets. Ainsley is currently leading client relationships at Harbour Asset Management. Until June 2018, she was also a board member of the Government Superannuation Fund Authority and Hohepa Auckland Regional Board.
Current term expires September 2021.
Christopher has more than 25 years’ experience in stockbroking and funds management. He is currently the Managing Director of Elevation Capital Management Limited, Chairman of Bethunes Investments Limited, a Member of NZ Markets Disciplinary Tribunal (since 2013) and a Member of the NZX Listing Sub-Committee (since 2008). He was previously a Partner at Goldman Sachs JBWere.
Current term ends June 2024.
Elizabeth has over 20 years’ commercial legal experience and international governance expertise. She has specialties in information policy and disclosure, risk management, ethics and ADR. As the Executive Director of UNESCO, Paris, Elizabeth had strategic and oversight responsibilities across the organisation. She was the Director of the UN office for disaster risk reduction, Geneva. Previous roles include Sector Director at Industry New Zealand and In-house Counsel at the Reserve Bank.
Current term expires June 2020.
Member, B.Ec (Hons), M.Phil, D.Phil
Prasanna is Professor of Macroeconomics at the University of Auckland. He brings over 20 years of experience in financial market issues from academic and high-level policy roles. Prasanna was Special Adviser to the Governor of the Bank of Canada, Senior Adviser at the Bank of England, and Member of the Advisory Scientific Committee of the European Systemic Risk Board. He was also Professor of Economics at the Australian National University and a Visiting Fellow of All Souls College, Oxford.
Current term ends April 2023.
Member, BCom/LLB (Hons), PG Dip in Prof Ethics
Vanessa is a Director of NZ Refinery, Heartland Bank and The Alliance Group, a member of the Tertiary Education Commission and the Audit and Risk Committee for DOC and MBIE. She was previously a Senior Executive at Air New Zealand and CEO of Carter Holt Harvey Packaging Australia.
Current term expires June 2021.
William has 30 years’ experience as an investment adviser. He is an NZX adviser, a Director of Craigs Investment Partners, and Chairs the Dingwall Trust for Children. He was previously Deputy Chair of the New Zealand Markets Disciplinary Tribunal.
Current term expires June 2020.
Board committees and divisions
The FMA has two Board committees:
1. Audit and risk committee
This committee considers internal controls, accounting policies, and risk management. It also approves financial statements, and helps with the scope, objectives and functions of external and internal audits. Currently, it has three members: Mark Todd (Chair), Ainsley McLaren and Elizabeth Longworth.
2. Performance and remuneration committee
This committee assesses performance measures and staff remuneration. It has three members: Murray Jack (Chair), Vanessa Stoddart and Campbell Stuart.
A Division is a group of at least 3 members of the Board who have been assigned to deal with a matter or class of matter, determined by the Board or Chairperson. A Division is brought into existence by a determination of the Board or Chairperson and has the all the powers of the Board in relation to the matter or class of matter to which it has been assigned. Divisions are convened to consider matters such as class exemptions and for decisions on litigation matters.
Board performance review
In accordance with the State Sector Commission guidelines, the Board periodically reviews its own role and overall performance, its processes and procedures, the use of supporting Committees and Divisions and the performance of each Board member.
The remuneration of the FMA Board members is determined by the Remuneration Authority. See more information about the Remuneration Authority.
Information Gathering by the Financial Markets Authority
This transparency statement explains how we collect, use and share information gathered about members of the public or other entities in accordance with the Information Gathering Model Standards issued by the State Services Commission (SSC) for information gathering.
We gather information both directly and indirectly to fulfil our statutory powers, functions and duties as a regulator and Crown entity, including for the purposes of:
detecting, investigating and prosecuting offences (e.g. breaches of the Financial Markets Conduct Act 2013 (FMC Act), Financial Service Providers Act 2008 and Crimes Act 1961)
ensuring regulatory compliance, and preventing, investigating, and responding to non-compliance (e.g. meeting obligations under the FMC Act and compliance with licence conditions set by the FMA)
building intelligence about the market (e.g. collecting regulatory returns from licensees and conducting thematic reviews)
taking appropriate steps to respond to and mitigate threats to the physical security of staff, or the security of information or places (e.g. web hacking, physical security breach).
We take care to exercise our information-gathering powers lawfully and appropriately, and meet our obligations under the Financial Markets Authority Act 2011 (FMA Act) and the Financial Markets Legislation, Privacy Act 1993, Search and Surveillance Act 2012, Bill of Rights Act 1990, FMA Code of Conduct, and the SSC Code of Conduct.
This transparency statement applies to information gathering carried out by us, our contractors, and any other third parties engaged by us.
Types of information covered by this statement and why we collect it
How we collect information
Our legislation empowers us to request or require information we need to perform or exercise our powers, functions and duties. You can read more about what we do here.
Information may be gathered on a voluntary or a mandatory basis. We collect information from a variety of sources, both physical and digital. These sources include:
individuals (e.g. in-person interviews, phone calls and emails);
other agencies or entities (e.g. financial market participants such as issuers and financial adviser organisations, financial product providers, banks, auditors, statutory supervisors, NZ government agencies, overseas regulators);
online sources (e.g. websites, social media and public registers); and
physical sources and locations (e.g. paper records and site visits).
Information collected directly
Much of the information we collect is provided directly by individuals or entities, or an authorised representative, as a requirement to fulfil statutory obligations and according to our powers as a regulator (e.g. financial reporting, or making an application for a licence under the FMC Act).
Where we require information that is relevant to us for considering and investigating compliance breaches and complaints, and initiating our own investigations or inquiries, we may gather information from individuals or entities using our statutory powers (e.g. issuing a notice for information or documents under the FMA Act).
As part of the use of our statutory powers and to gather and preserve information and evidence, we may:
require an original copy of a document to be provided to us;
record a compulsory or voluntary interview conducted in person or by telephone;
take screenshots of public websites and registers;
request written information in response to questions;
clone electronic devices when conducting search warrants; or
take photographs and/or notes during site visits.
We may request the assistance of another agency in relation to the exercising of our statutory powers (e.g. the New Zealand Police).
Information collected from another individual or agency
We may also receive or request information about an individual or entity from other individuals, entities, agencies or regulators. Any such information will be gathered in accordance with our statutory powers or other lawful authority and in compliance with the relevant legislation and any information-sharing agreements, memoranda of understanding or similar.
We may also collect publicly available information (e.g. websites, social media, registers and news reporting). We do this to assist us in carrying out any of our powers, functions or duties. When building our knowledge of an entity or individual using publicly available information, we take it in context of other information we hold about the entity or individual.
Information collected by third parties on behalf of the FMA
On occasion, where information gathering requires specialist capability that we don’t have within our organisation, we may engage a third party to collect information for us (e.g. having a computer forensics expert clone and analyse computer devices).
Information gathering by third parties (including about individuals) is subject to standard legal limits relating to privacy, access to private property, and the privacy/security of communications by individuals, among other things.
We take care to ensure third parties gather information lawfully and appropriately, and meet our obligations under the Privacy Act 1993, Search and Surveillance Act 2012, Bill of Rights Act 1990, FMA Code of Conduct, and the SSC Code of Conduct.
What we do with the information
How we use it
In order to carry out our functions, we may use the information we hold as evidence, and for analysis, risk assessment, audit and/or monitoring purposes.
Where we identify the need to use the information further, for example, to consider or investigate compliance breaches or complaints, or initiate our own investigations or inquiries, we will only do so if required or permitted by law, or with your consent.
We may use information we gather to inform our wider compliance and regulatory strategies. In doing so we will comply with our obligations under the Privacy Act 1993.
How we protect it
Information is stored, accessed and retained in accordance with our Privacy Policies, Information Disclosure Policy, Knowledge Management Policy, ICT Acceptable Use Policy, and the SCC Code of Conduct, the FMA Act, the Privacy Act 1993 and the Public Records Act 2005.
We undertake periodic reviews to ensure we comply with our information-gathering obligations as part of our internal assurance activities.
When we share it
We may share information where necessary in order to properly carry out our functions or to assist another agency or overseas regulator in fulfilling its functions. This may include when we are considering and investigating compliance breaches or complaints, or initiating our own investigations or inquiries.
Information is only shared in accordance with our statutory powers, with appropriate caveats and/or controls, and in compliance with the relevant legislation and any information sharing-agreements with other agencies or overseas regulators.
The FMA is subject to the Official Information Act 1982. This means that information will be made available to a requestor unless there is a good reason to withhold it. There are a number of reasons information may be withheld, including personal privacy and protecting information that has been received in confidence. Section 59 of the FMA Act also requires us to maintain confidentiality of information and documents received, other than in specified circumstances.